Nigeria’s New Fuel Pricing Strategy: A Shift Towards Compressed Natural Gas

In a significant policy shift aimed at easing the financial burden on motorists, President Bola Tinubu announced that Nigerians can now choose between purchasing petrol at N1,000 per liter or opting for the more economical Compressed Natural Gas (CNG) priced at N200 per Standard Cubic Meter. This announcement was made during a meeting with executives from the Nigerian Independent Petroleum Company (NIPCO) at the State House in Abuja on Tuesday.

The president highlighted the advantages of this initiative, stating, “Nigeria’s motorists can buy petrol at N1,000 per litre or equivalent gas per Standard Cubic Meter at N200.” He further elaborated that incentives are being introduced for commercial motorists, allowing them to convert from petrol to gas at no cost.

Tinubu acknowledged NIPCO’s vital role in advancing the adoption of CNG as a viable alternative fuel. He underscored the importance of this transition in reducing the nation’s dependence on petrol and lowering fuel costs for consumers. This strategic move not only aims to alleviate the financial strain on motorists but also supports Nigeria’s broader goals of enhancing energy sustainability.

As the country navigates its energy landscape, this initiative represents a noteworthy step towards more accessible and affordable fuel options for all Nigerians.